Morgan Silver Dollar

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Morgan Silver Dollar

Silver Content – 0.77344 oz.

Gross Weight – 26.73 g

Composition – 90% silver, 10% copper

Coin Diameter – 38.1 mm

Thickness – 3.1 mm

Mint Dates – 1878-1904, 1921

Description

Details

OverviewOne of the most collected silver coins in U.S. history, the Morgan silver dollar is a thing of Old West legend. Designed by George T. Morgan and first struck in 1878, it was issued to circulate the huge quantity of silver mined from the Comstock Lode.

DesignThe obverse (front) has Lady Liberty’s head encircled by date of issue, 13 stars for the original 13 colonies, “E PLURIBUS UNUM,” Latin for “Out of Many, One,” which was chosen as the first United States motto in 1776.The reverse has a bald eagle with spread wings spread perched on a branch and arrows, and partially surrounded by a wreath. Above its head is “In God We Trust.” Around the rim is “UNITED STATES OF AMERICA” separated by stars from “ONE DOLLAR.”Morgan, who studied at the British Royal Mint, placed an “M” on both sides of the coin as his signature. He slightly altered the coin’s design when it was reintroduced in 1921.

MintingThe largest and heaviest silver coin since the Civil War, the Morgan silver dollar is 0.77344 oz. of pure silver. It was minted from 1878- 1904, when the government exhausted its silver bullion supply. Then Congress passed the Pittman Act in 1918, recalling over 270 million silver dollars for melting and reminting. The Morgan silver was minted one last time in 1921, and then it was replaced by the silver Peace Dollar.

Augusta does not provide legal, tax, or investment advice. The Augusta® Depository Gold IRA is a self-directed IRA containing physical precious metals administered by a third-party custodian and stored in a non-government depository storage facility where investors can make an appointment to see their precious metals. The Augusta® Home Delivery Gold IRA is a self-directed physical precious metals IRA delivered to your home. Some investors choose to store IRS-approved American Eagle gold or silver in an IRA in their homes. However, it is wiser to store all metals in a safe deposit box at a U.S. bank. If investors sidestep rules or mishandle account assets (e.g., setting up the IRA improperly, engaging in a prohibited transaction, such as withdrawing metals before retirement to use for any other purpose, etc.), or if it is determined that home delivery or home or bank safe deposit box storage are not permitted by the IRS, the investor could lose tax-exempt status and have to pay taxes and penalties. There is no clear IRS guidance on the legality of the home delivery IRA structure or home or safe deposit box storage, and the IRS is under no obligation to issue guidance on whether home or bank safe deposit storage satisfies IRS requirements and may, at any time, audit an IRA, declare that home or bank safe deposit box storage does not satisfy IRS requirements, and impose taxes and penalties on the IRA owner. It is important to consult your own legal and financial advisors before opening a home delivery IRA from Augusta, and then work with your advisors to decide where to store your precious metals. As with any investment, past performance might not predict future returns. The price of precious metals fluctuates over time and investors might lose money.

Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.